Market Research

Process of gathering and analyzing information about a market or consumer group to better understand their needs, preferences, and behaviors.

What is market research?

- "Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are."

Why is market research important?

- "It is an important component of business strategy and a major factor in maintaining competitiveness."

What does market research help to identify?

- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."

What techniques are used in market research?

- "Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys and analysis of secondary data."

How does market research differ from marketing research?

- "Although both involve consumers, Marketing research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while market research is concerned specifically with markets and distribution."

What is the relationship between market research and marketing research?

- "Two explanations given for confusing Market research with Marketing research are the similarity of the terms and also that Market Research is a subset of Marketing Research."

How does market research use statistical and analytical methods?

- "Market research...is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making."

What are some examples of qualitative market research techniques?

- "Qualitative techniques such as focus groups, in-depth interviews, and ethnography."

What are some examples of quantitative market research techniques?

- "Quantitative techniques such as customer surveys and analysis of secondary data."

What is the difference between market research and social and opinion research?

- "Market research includes social and opinion research, and is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods."

What information does market research gather about individuals or organizations?

- "Market research...is the systematic gathering and interpretation of information about individuals or organizations."

What insights can be gained through market research?

- "Market research...to gain insight or support decision making."

How does market research support decision making?

- "Market research...to gain insight or support decision making."

Why is market research often confused with marketing research?

- "Further confusion exists because of major companies with expertise and practices in both areas."

What is the difference between market research and marketing?

- "Market research is concerned specifically with markets and distribution."

What are the objectives of marketing research?

- "Marketing research...is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness."

How does market research contribute to business strategy?

- "Market research is an important component of business strategy."

What factors does market research help businesses maintain?

- "It is a major factor in maintaining competitiveness."

What areas does market research aim to understand?

- "Market research helps to identify and analyze the needs of the market, the market size, and the competition."

How do major companies contribute to confusion in market research and marketing research?

- "Further confusion exists because of major companies with expertise and practices in both areas."